Donald Trump Throws Support Behind Cryptocurrencies in U.S. Presidential Race Against Joe Biden
The battle over cryptocurrencies has become a major focus in the US elections, with both presidential candidates vying to capitalize on the trillion-dollar industry in order to secure victory. In a surprising turn of events, Donald Trump, who previously criticized Bitcoin, has now thrown his support behind digital assets, signaling a significant shift in his stance.
Videos released on X by Frank Degods, the inventor of non-fungible tokens and a prominent influencer, show Trump appealing to NFT customers and indicating his intention to accept crypto donations. This stands in stark contrast to his previous labeling of Bitcoin as a “Scam,” as he now promises full support for digital assets and pledges to put an end to the US government’s hostile attitude towards crypto. In addition, he is now accepting campaign donations in digital assets, while also vowing to protect the rights of crypto investors. These positions sharply contrast with the regulatory approach of his opponent, Joe Biden, which Trump criticizes for its lack of understanding and heavy-handed tactics.
While Trump aims to maintain the strength of the US dollar, he also recognizes the value of cryptocurrencies and promises to support investors in this space. This newfound support extends to his own ventures, as Trump has recently launched his own branded NFTs and is accepting campaign donations in digital assets.
The impact of Trump’s statements on the crypto market has already been felt. The “Jeo Boden” meme coin, inspired by President Biden, saw an 18.5% surge in value within the last 24 hours following Trump’s comments. Avichal Garg, Co-founder of Electric Capital, praised Trump’s evolving stance on crypto and highlighted the potential consequences if Biden remains anti-crypto. As Trump gears up for the 2024 presidential election, his campaign has yet to comment on these developments.
The divide between Democrats and Republicans on cryptocurrency regulation is clear, according to Fox News Journalist Eleanor Terret. President Biden aligns himself with regulatory bodies like the SEC, while Trump seeks to dismantle adversarial policies and actively embrace digital currencies. Despite bipartisan efforts to nullify certain regulations, such as SAB 121, the Biden administration remains opposed, highlighting the ongoing tug-of-war over crypto regulation in the political arena.
So, who will win the crypto race, Trump or Biden? We want to hear your choice.